Neco 2021 Economics Question 33

Practice objective / multiple choice question 33 from the 2021 Neco Economics examination.

Neco 2021 Economics Objective / Multiple Choice Medium Difficulty
Question 33 NECO • 2021 • ECONOMICS • objective

The economy has a labour force of 5,000,000 and an unemployment rate of \(12\%\). Of the unemployed, \(2\%\) of the labour force are frictionally unemployed and \(3\%\) are structurally unemployed. Calculate the number of people who are cyclically unemployed, the cyclical unemployment rate, and the number of employed persons.

Answer Options

A. Cyclical unemployed = 250,000 persons (5\\% rate); Employed = 4,550,000 persons
B. Cyclical unemployed = 400,000 persons (8\\% rate); Employed = 4,300,000 persons
Correct Answer C. Cyclical unemployed = 350,000 persons (7\% rate); Employed = 4,400,000 persons
D. Cyclical unemployed = 300,000 persons (6\\% rate); Employed = 4,450,000 persons
Correct Answer
C
Correct Option:
Cyclical unemployed = 350,000 persons (7\% rate); Employed = 4,400,000 persons

About This Question

This is Neco 2021 Economics Question 33. It is one of the objective questions from the 2021 Neco Economics examination.

Difficulty level: Medium .

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